Donald Trump sent a meme coin created in his name on a 115% tear following his comments on central bank digital currencies (CBDCs) on Wednesday.
The former U.S. President was addressing his supporters at a 2024 election campaign event in New Hampshire when he pleased crypto advocates with a firm statement opposing the creation of a CBDC.
Trump condemned opposition plans to move the country onto a ‘digital dollar’ through a centrally controlled, government-run blockchain set to replace the current fiat monetary system.
“As your president, I will never allow the creation of a central bank digital currency,” Trump stated firmly, to loud cheers from the crowd.
CBDCs are being trialled by several countries’ governments around the world as a way to bring the fiat money system into a new digital era. However, those in crypto as well as many outside of the industry are highly critical of the idea.
By creating programmable legal tender, governments will have even greater control and oversight over every citizen in its economy – a move that makes Bitcoin advocates even more bullish.
Trump coin MAGA up 900% off the lows
This sentiment could be seen in the more-than-50% jump in the price of the MAGA meme token $TRUMP, which surged from around $0.60 a coin to the $1-mark in the hours after Trump’s statement before settling back in the region of $0.80. At the time of writing, $TRUMP was trading above $1.30.
$TRUMP token had already been up 300% from its recent lows of around $0.15 on January 8th before the most recent events, registering more than a 10x gain over the last 10 days. The ERC-20 token has generated $2.35 million in trading volume in the last 24 hours, according to DEXTools.
As the property tycoon and former reality TV star guns for the most powerful seat in the world once again, his stance on CBDCs will no doubt win over many people who are concerned about America’s current trajectory and precarious economic situation.
Trump being president is generally believed to be good for the U.S. markets due to his favourable policies regarding these sectors.